Chandigarh, May 15: The Central Bureau of Investigation (CBI) conducted raids at seven locations in Chandigarh and Panchkula on Thursday as part of the investigation into the IDFC First Bank and AU Small Finance Bank scam. This operation aims to uncover the embezzled funds linked to the scandal, according to an official statement released on Friday.
The CBI targeted various sites, including residential properties, commercial spaces, jewelry showrooms, and the premises of suspected beneficiaries involved in the misappropriation of government funds, along with other private entities related to the investigation.
During the searches, several incriminating documents and items related to fraud and suspected embezzlement were recovered and seized. These included financial records and digital evidence.
So far, 16 individuals have been arrested in connection with this case.
The CBI stated, “The investigation has been expedited, and multiple leads are being pursued. We are committed to conducting a thorough investigation as soon as possible.”
The Haryana government has handed over the case to the CBI for investigation. Allegations suggest that certain officials from IDFC First Bank and AU Small Finance Bank colluded with government employees from various departments in Haryana to defraud the state of its funds.
The IDFC First Bank fraud case first came to light in February this year when an official from Haryana’s Development and Panchayat Department attempted to close his account and transfer the remaining balance to another bank. This seemingly minor banking transaction revealed significant discrepancies between recorded and actual balances, leading to the exposure of the large-scale scam.
Initially, the Haryana Vigilance and Anti-Corruption Bureau filed an FIR in this matter, but the state government later transferred the case to the CBI. Subsequently, the Enforcement Directorate (ED) also initiated a parallel investigation.
IDFC First Bank has stated that it has returned ₹557 crore to the relevant state government departments. However, the investigation is still ongoing.
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ABs
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